Stocks rallied from Shanghai to New York and the dollar slid as Dubai World began talks to restructure less than half its debt and Chinese manufacturing grew at the fastest pace in five years. Treasury 10-year notes dropped for the first time in six days.

The Standard & Poor’s 500 Index added 1.2 percent to 1,108.86 at 4:09 p.m. in New York. Europe’s Dow Jones Stoxx 600 Index jumped 2.7 percent, the most since July. The dollar weakened against 14 of the 16 most-traded currencies, gold rose to a record and oil climbed 1.4 percent. Aluminum, copper lead and zinc led gains in industrial metals.

(Bloomberg.com)